Hi Shannon,
From the first image you posted, it looks like all settings are displaying at once, regardless of you having "URL" chosen for the Link Type. What should be happening is you choose "URL" and the Protocol and URL fields appear. If you choose "Link to anchor in the text" the Select an Anchor text should appear. And if you choose "Email Address" the last fields for those settings should appear.
I'm not sure this is something I can troubleshoot as I'm not terribly technical, but what version are you running? This will help other users or agents in troubleshooting this. Also, when did this behavior begin?